Ways social media is impacting the supply chain

 Ways social media is impacting the supply chain- Abhirami

Over the past few years the social trend has spilled over into the business world. we know how instagram facebook and linked in is doing great in business.they are discussing business issues , trade contact information, and all from the comfort of their desk.in this blog we are looking in to the revolutionizing socila media movements in supply chain.

Strengthening supplier relations: big companies is unaware of the suppliers which they deal with . for example Walmart was unaware of their suppliers from Bangladesh who supplies clothes unless they were caught on fire and caused the death of 100 factory workers. and thus they decided to improve the supply chain standards. wallmart and other companies make use of the online platforms to educate the suppliers by conducting online sessions. they also create a online community where they can hear the problems of suppliers, feedback, solutions are exchanged and thus developing the network.an excellent initiative by Lockheed Martin. is that they launch a website called "supplier wire" with education materials, video tips and supplier testimonials. this website also comes with a live chat option so that they can communicate directly.

Creating transparency: today we are searching and approaching both consumers and suppliers through social media. one of the initiative which was done by MIT lab which started as a project in 2007 is "sourcemap" later developed in to a company .which shows the source of the suppliers, where they are coming from and thus making the nusiness and supply more transparent.

Enhancing internal processes and communication: for a business to run successfully it is important that different department work in harmony and there comes the importance of the social media  According to research conducted by the Aberdeen Group, the theoretical advantages discussed previously are brought to light. For example, businesses engaged on various social platforms delivered goods to customers on time 94.3% of the time compared to 92.2% for those who do not participate. Additionally, out-of stock rates were reported at 3.4% for companies engaged in social networks compared to 7.2% for non-socially engaged companies.

hence in this era of business social media is an inevitable part of conducting business.

original post: https://www.allthingssupplychain.com/3-ways-social-media-is-impacting-the-supply-chain/